Signs You Need To Sell Your Home
When it comes to your house, there are many reasons why you may want to (or need to) sell it. It's not an easy decision either way, but by considering your options logically, you can make a smart choice. No matter why you are considering selling, this list may help make your decision easier.
Consider your finances and evaluate them closely. If your debts are in control, either paid off or manageable, and you have a good emergency fund built up for life's unexpected moments, it may be just the time to put your house on the market and upgrade to a new home. Don't forget to factor your new house payments and moving expenses into your budget.
Home values took a nosedive when the housing values declined, causing many mortgages to be lost. Times seem to be changing. According to research, 89% of homes with mortgages ending in 2014 did so with positive equity. Consult with a professional real estate agent to acquire a comparative market analysis (CMA) to discover the true value of your home. You may have the perfect equity now.
Experts state if your home has at least 20% equity value for your next purchase, you can use that money toward your new home. You could save a substantial amount on payments annually.
Does Not Fit Your Lifestyle
Your home may no longer fulfill your daily needs. You may require another bedroom or want another bathroom for the overgrown family. On the other hand, you may have an empty nest now and want to downsize.
When you purchased your home, it was in a quiet area with very little traffic. All you heard were the tweets of a bird or a squirrel scrambling up a tree. Now, the scene is bumper-to-bumper traffic with horns blaring all times of day or night. Or maybe the once family-friendly neighborhood has transformed into something boring because there are no kids around your children's ages. What's worse, your once safe neighborhood may not be safe any longer. This just goes to show you that sometimes it's not the house at all, but the location.
Rates will likely continue to rise, no matter what location you're in. However, if your situation is right, downsizing may be the answer. You may be able to downsize your mortgage without significantly downsizing your home if you still need enough room for your family. Changes such as buying an older home, buying in a different neighborhood, or buying a home that needs a little work can let you get more house for your money and decrease your mortgage amount. It makes sense because if you owe less money, you will owe less interest. Many families life on a tight budget and any increases in interest will consume your family's savings very quickly.
Too Many Repairs
Let's face it, one of the things all homes face is the need for remodeling. Your budget may not be able to stand the stress of one repair after the other. You may think it is more expensive to buy another home. But it will cost you to add that new furnace and fix the major leaks in your bathroom. Over time, repairs add up quickly. Maybe it is time to move on and find a new home that requires less repairs and labor.
If you are not sure what your next step is, meet with some property managers from a company like Vintage Corporation to help you decide on your next home.